Mastercard has introduced Virtual Card Receivables Service in a bid to simplify acceptance of virtual cards payments for businesses.

The newly launched service is designed to help suppliers efficiently reconcile B2B payments.

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The new service procures information from Mastercard issuers related to virtual card payments by their corporate customers. Subsequently, this information will be compiled into one comprehensive digital file.

Accordingly, it creates a single data source which suppliers can integrate into ERP systems and utilise for cash flow forecasting.

Currently, Mastercard is working with VersaPay to eliminate manual reconciling processes.

Mastercard senior vice-president of commercial products Jeff Feuerstein said: “As more companies turn to Virtual Card payments, we’re focused on simplifying processes and enhancing the user experience across the ecosystem.

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“Our new Virtual Card Receivables Service does just that for suppliers.

“By simplifying card reconciliation, we’re helping suppliers streamline their accounts receivable processes, making data available faster and with the same security and privacy standards we uphold for all Mastercard products and services.”

VersaPay CEO Craig O’Neill said: “We are excited to work with a global payments leader like Mastercard.

“Through our joint initiative, we will improve the experience of accepting virtual credit cards for businesses across the US, Canada, and around the globe.”

The new Virtual Card Receivables Service is available globally.

Last month, Mastercard strengthened its technological partnership with Société Générale Group’s subsidiary Treezor to support fintech growth in Europe.